Macro Musings with David Beckworth · Monday, August 31, 2026
Donald Kohn shared a story from the Paul Volcker era when advocacy groups met with the Federal Reserve Board. After facing hostility during a visit to Seattle, Kohn and other Fed staff were awarded 'Purple Hearts' by Volcker.
“So Paul Volker was leading. Oh, yeah. Yeah. And I think Mike Bradfield, who was a general counsel, actually gave him a Purple Heart also after this was over. So, Purple Hearts all the way around. So what a great story.”
“So he had staff and governors go out to various sites, various locations around the country that this consumer advocacy group had invited us to.”
“And he gave everybody who appeared and was subjected to this hostility, a Purple Heart.”